Only 28 Large Luxury Homes in all of Switzerland Open to Unrestricted Foreign Ownership
ANDERMATT, Switzerland, November 20, 2012 /PRNewswire/ --
The law restricting ownership of residential property by foreign persons in Switzerland is known as the Lex Koller. Due to this law, it is generally not possible for most foreign persons to purchase residential real estate in Switzerland, would only be permissible under special circumstances, and only if a permit is obtained. This process can take several months if at all possible, and ownership is still severely restricted. Andermatt Swiss Alps ("ASA") recently became the only development in Switzerland that enjoys a full Federal exemption to the Lex Koller and is arguably now one of the most interesting real-estate opportunities in the world.
This exemption is special because such is basically never granted by the Swiss Federal Government. It is widely accepted that no further exemptions would be granted again any time in the foreseeable future. This exemption has now created one single area in Switzerland where anyone - regardless of residence or citizenship - may freely purchase residential property without any restrictions whatsoever. This one area is ASA.
If a foreign non-resident did manage to acquire a permit for a holiday home elsewhere in Switzerland, one of many restrictions imposed by Lex Koller is the inability to legally buy un-developed residential building land, and further prevents the purchase of a home with over 200 square meters of internal space. This 200 square meter limit can sometimes be increased to 250 under special circumstances; however, any more space is practically impossible.
In ASA, however, there is space for up to 28 large private and custom homes which foreigners may purchase without restriction. As all private homes in ASA will have over 400 square meters of internal living space, they will become the only 28 villas in all of Switzerland which may be purchased and owned by any non-Swiss resident. To highlight the available sizes, the largest single standard Villa plot can house a 3-level home and cellar with approximately 4,000 square meters (43,055 square feet) of internal space. A magnificent residence such as this would likely become the only home of its size and scale a non-Swiss resident could own in all of Switzerland without restrictions.
As there is only room for a maximum of 28 private villas, this is actually limited in itself considering the master plan in its final shape includes six 4 and 5 star hotels, 490 apartments in 42 complexes, 28 villas, 1970 parking spaces, 35,000 square meters of commercial space, a sports and leisure center, conferencing space for 600 delegates, as well as an 18-hole golf course. Furthermore, due to the limited space in Andermatt (as it is surrounded by mountains), once ASA is fully-developed there will be no space for expansion.
Private clients of the strategic international real-estate advisory firm of Henley Estates are of the first to fully understand this unique opportunity and the first to take advantage of it. Andrew Taylor, Managing Partner of Henley Estates, says, "You can imagine what will happen once the rest of the world really understands this opportunity, and worldwide demand for large private homes in Switzerland is funneled into a supply of just 28. We also expect local demand to increase for second homes in Andermatt Swiss Alps as it was not affected by Lex Weber, the new legislation which restricts the building of second homes in areas where the second home density is higher than 20%. This law affects both locals and foreigners, and will undoubtedly reduce the supply of second homes in Switzerland, and in turn increase demand for them in places like Andermatt Swiss Alps."
For those foreigners who are not residents of Switzerland, and who have always wanted a large luxurious Chalet in Switzerland, and who may have previously tried and failed to purchase that dream home, this is a unique opportunity which will soon pass.
Henley Estates is a leading authority in strategic international real-estate advisory for private clients and developers, is a member of the Henley & Partners Group, and the Private Client Group of Switzerland. Henley Estates is the preferred partner of the world's most sophisticated private clients, and has the experience and knowledge needed to assist with high-end international real-estate requirements. http://www.henleyestates.com
Andermatt Swiss Alps
Andermatt Swiss Alps is the largest integrated year-round holiday destination recently developed in the Alps, and the only development with a full exemption to the Swiss Lex Koller regulations that which restrict foreign ownership of residential property in Switzerland. The location encompasses in its final shape six 4 and 5 star hotels, 490 apartments in 42 complexes, 28 Villas, 1970 parking spaces, 35,000 sqm of commercial space, a sports and leisure center, conferencing space for 600 delegates, as well as an 18-hole golf course. While the resort is being developed, the skiing facilities between Andermatt and Sedrun will be modernized and linked. Andermatt Swiss Alps AG is a full subsidiary of Orascom Development Holding AG (ODH), listed on the Swiss Stock Exchange SWX. For further information please check http://www.andermatt-swissalps.ch.
For further information
North America +1-800-640-3988
Andrew Taylor direct on +44-777-274-5806
SOURCE Private Client Group Switzerland (www.privateclientgroup.ch)